• Wed. Feb 28th, 2024

Kuehne+Nagel’s Q2 operating profit halved as challenging environment persists

Kuehne+Nagel’s Q2 operating profit halved as challenging environment persists

July 25 (Reuters) – Swiss logistics group Kuhne+Nagel ( KNINS ) reported a 51 percent drop in second-quarter operating profit on Tuesday as industry conditions worsened due to a challenging economic environment.

Earnings before interest and taxes (EBIT) came in at 523 million Swiss francs ($601.70 million) in the second quarter of 2023, down from 1.07 billion francs a year earlier.

The special financial situation related to the pandemic continued to distort year-over-year comparisons in the second quarter in 2021 and 2022, the company said in a statement.

Slowing global consumer demand, surging inflation and high inventories have dragged freight rates down from their epidemic heights, according to freight forwarders Kuehne+Nagel and Denmark’s DSV ( DSV.CO ).

Sea logistics’ net turnover in the second quarter was 2.19 billion Swiss francs, down 56% from a year earlier, the company said.

($1 = 0.8692 Swiss Franc)

Reporting by Osan Ergane and Anastasia Kozlova in Gdansk, Editing by Frederik Hein

Our standards: Thomson Reuters Trust Principles.

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